Archives: Research Notes

iM Securities initiates SK Hynix with a Buy rating and a Target Price of 2,300,000 KRW (~$1,696 USD), arguing that the HBM business value alone will justify the current market cap by 2027. The firm highlights aggressive shareholder returns and the shift to custom HBM as key catalysts for re-rating.

iM Securities initiates Samsung Electronics with a Buy rating and a target price of 370,000 KRW (~$272.8 USD), citing excessive market pessimism regarding the 2028 cycle. The analyst highlights the massive growth potential of HBM and the stability provided by LTAs as key drivers for a significant valuation re-rating.

IBK Securities maintains a Buy rating but lowers the target price to 350,000 KRW (~$262.37 USD) due to disappointing shareholder returns, despite record-breaking earnings forecasts for the DS division.

Shinhan Securities maintains a Buy rating and a target price of 450,000 KRW (~$337.33 USD), citing robust fundamentals and HBM4 shipment growth. The firm has upwardly revised 2027 earnings estimates as HBM volumes are already sold out at target prices.

Daishin Securities maintains a Buy rating and a Target Price of 500,000 KRW (~$374.81 USD) for Samsung Electronics, citing explosive memory profit growth and attractive valuation. The analyst forecasts a dominant 38% HBM market share by 2027 and significant upside in DRAM ASPs.

Hanwha Investment & Securities maintains a Buy rating with a target price of 580,000 KRW, citing record 3Q26 earnings and a successful recovery in HBM4 market share. The firm highlights structural supply shortages through 2028 and expanding long-term agreements as key drivers for valuation re-rating.

Yuanta Securities has raised Samsung Electronics’ target price to 690,000 KRW (~$517 USD) with a Buy rating, citing record-breaking 3Q26 earnings and strong 4Q26 projections. The outlook is bolstered by HBM4 sales growth, sold-out 2027 HBM volumes, and expanding 2nm Foundry wins.

DS Investment & Securities maintains a Buy rating and a Target Price of 530,000 KRW (~$397.30 USD) for Samsung Electronics following a record-breaking 3Q26 operating profit of 107.4 trillion KRW. The firm raised 2027 operating profit estimates to 632 trillion KRW, citing HBM4 leadership and expanding 2nm foundry wins.

Hana Securities maintains a Buy rating and a target price of 480,000 KRW (~$360 USD), significantly raising 2027 operating profit forecasts to 624.4 trillion KRW (~$468B USD). The upgrade is driven by HBM4 technological leadership and strong memory pricing, despite a neutral target price adjustment due to global multiple compression.

Kyobo Securities maintains a Buy rating and a Target Price of 500,000 KRW (~$374.81 USD) for Samsung Electronics following record-breaking 3Q26 results. The outlook is bullish based on HBM4 leadership, structural DRAM shortages, and narrowing Foundry losses.